If Your Instructor Tells You That the Average Score on a 10

question 35

Multiple Choice

If your instructor tells you that the average score on a 10 point test is between 7.5 and 8.5, the instructor has given you the _______________ of the test

• A) Real limits
• B) Apparent limits
• C) Reliability
• D) Validity

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Definitions:

Accrual Basis Accounting

An accounting method where revenue and expenses are recorded when they are earned or incurred, regardless of when cash is received or paid.

Adjusting Entry

An accounting record made to update the financial statements to reflect income earned or expenses incurred but not yet recorded.

Employee Wages

Payment given to workers for their services, usually determined by the hour, day, or work completed.

Net Income

The amount of money remaining after all operating expenses, taxes, and interest have been subtracted from total revenue.